Singapore Inflation Rate Accelerates in April

Singapore’s annual inflation rate came in at 2.5 percent in April of 2014 from 1.2 percent in March, mainly driven by a rise in car prices due to the low base in 2013. All other major categories, except accommodation, also experienced slightly stronger price increases during the month.

Private road transport cost climbed by 5.7 percent in April, reversing four consecutive months of decline. This reflected the rise in COE premiums which was exacerbated by the low base in April 2013. Petrol pump prices also edged up at a faster pace compared to the previous month.

The rise in accommodation cost moderated further to 1.1 percent from 1.7 percent in March, mainly due to a smaller increase in imputed rentals on owner-occupied accommodation. Services inflation was higher at 2.7 percent compared to 2.4 percent in March, led by a pickup in the cost of holiday travel and public road transport.

MAS Core Inflation, which excludes the cost of accommodation and private road transport, rose to 2.3 percent from 2.0 percent a month ago, on account of the pickup in the cost of services, food and retail-related items.

On a month-on-month basis, the CPI fell by 0.2 percent in April following the 0.3 percent increase in March.

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